Crude Resumes Downtrend

Short and medium term risk is to the downside. The recent little bounce looks very corrective with an "abc" structure retracing a modest Fib .382 of the 1st leg down; as suggested in the last post.

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Could it continue to chop to the upside? Sure, but it has already caused significant technical damage on the downside by overlapping the $47 level highs. Confirmation will be overlapping  $44.

Expect more of the same and new lows likely to boot.

However ....I love WTI under $38. Like at $36 which would be .81 retrace of 9.75 to 148 , scale down to $32.56 which is a straight 78% off $148.